Nigeria to Issue Marginal Fields Licences to Companies on Tuesday
Nigeria Upstream Petroleum Regulatory Commission (NUPRC) says it will issue prospecting licences on Tuesday to successful awardees of marginal fields in the 2020 bid round, pursuant to the Petroleum Industry Act 2021.
The petroleum industry regulator said this in a statement; two years after Nigeria sought bids for the marginal oil blocks from local investors. Marginal fields are smaller oil blocks located onshore and in shallow waters and are typically developed by local companies.
Gbenga Komolafe, head of the Nigerian Upstream Petroleum Regulatory Commission, said that the licences were one of the most critical tasks for the agency, established in 2021 after the Petroleum Industry Act was signed into law.
The commission also said it will unveil an implementation template for the host communities’ development trust to reduce restiveness, boost investors’ confidence and provide enabling environment for sustainable development of hydrocarbon resources.
While local companies have become increasingly important to the industry, it remains dominated by international oil majors that are selling onshore assets to concentrate on deep-water drilling. # Nigeria to Issue Marginal Fields Licences to Companies on Tuesday
